Business Owners or The New Accounting 101 to Understand Accounting

Having the feeling that you, business owner, are in control of your Business Finances is not an easy, especially if you have no financial background and that you have been running your business for many years and you have been focusing on getting more clients and make things work the best as possible. This is great and I would like to congratulate you but this is not enough to have great success in your business. As if you don't understand how your business finances are doing, you can easily lose control of it all and go bankrupt in the worst cases cenario.

Now you don't need to become an accountant to understand accounting. As the most important is to be able to understand the language of what financial statements are for and what each figure mean Once you have this under your belt, you are good to go to make it happen.

Nevertheless good training is first of all not easy to find and secondly good quality training is expensive, and more so if you want Accounting 101. This is the perfect way to learn though as it gives the gist straight away without having to go through the boring topics that academic books contain and which are not even useful to you. A 2-day seminar with a reputable financial training company costs between $10,000 and $20,000. This is a lot. So how is it possible then to learn how to understand accounting and get Accounting 101 for a reasonable price. Well thanks to modernity, the solution is there for you: Online Accounting Tutoring.

Online Accounting Tutoring is nowadays the best way to meet high standards with good price. You can have interactive discussion with your tutor in the live classes or seminar, get your training material shipped to your home, addresses the issues you want on a one to one basis if needed, share your ideas with other students and get the most of it all from the comfort of your house.

Business Finances Made Easy's mission is to help business owners getting an accurate understanding of their business finances. This will allow them to be able to discuss their business finances at any time with confidence and will help them to get additional funding on demand.

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How to Develop Your Business Financing Strategy

You don't have to be a top-notch CFO or an accountant to come up with a strategy to finance your business. Just know that it will take more than you showing up at your lender's doorstep with a bunch of financials in hand.

By looking back at your greater business plan, understanding what a lender typically looks for in a client, and knowing how to present your key financials when the time comes, you can successfully increase your chances at obtaining the financing you need to grow your business.

Follow these three steps and you'll be well on your way towards a strong business financing strategy.

ONE: Be very clear about your objectives.

No, the objective isn't just to obtain financing. What are the overarching goals of your business? How does obtaining financing help you achieve those goals?

Make sure that you have a good solid idea of the "big picture" strategy of your business. A great way to do this is to look back at your business plan and identify the main objectives of your operation.

If you can create a case on why you need financing and how it aligns with your greater business strategy, you are instantly ahead of many business owners and entrepreneurs who are often not very clear on the subject.

TWO: Educate yourself on what a lender looks for.

When a lender has to take time to make sense of confusing financials, the chances of obtaining financing for that potential borrower drops significantly.

Remember, questions cause fatigue.

Take a moment out of your busy schedule to understand what underwriters and lenders look for when given a business's financials.

When the lender has fewer questions while looking over your financials, the better the chances of them truly understanding why they should extend a loan to you.

THREE: Presentation matters.

When the time comes to present your case for financing, take all of the knowledge and tactics from steps one and two and turn it into a presentation that is clear and concise.

Other than clarity, be honest about your business's performance over the years.

While this may sound counter intuitive, fully disclosing your business's performance and explaining the data that they see can help build an accurate case for your business.

Stay ahead of the game.

A terrible situation that afflicts many business owners is when they finally realize that their business needs financing, but are unprepared to approach the problem.

Invest time into fully understanding your business's financial status. This means creating some kind of system for tracking key data points, or seeking outside help from a business finance specialist. When the time comes to seek financing, you'll be fully prepared to find the right lender to help grow your business.

It's interesting that people are willing to take the time to prepare for harsh elements by weatherproofing their homes, or paying for car insurance in case of an untimely and unfortunate accident.

Is it all that different to spend time and resources into preparing your business for growth?

Matt Burk is the Founder, President and CEO of Fairway America, LLC. He is also the co-host of FinanceCoach(sm) Radio. Matt is a small business finance expert that helps small business owners navigate the dysfunctional process of business financing by providing ongoing guidance and expertise.

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Managing Account Payables With Efficiency

Every type of business will have its own set of challenges. A restaurant may face a shortage of waiters, which can obviously create issues with regards to customer service. A document management company may have problems with file security.

An appliance store may deal with substandard products delivered by an otherwise trusted manufacturing brand. There are different ways that businessmen will have to keep putting up a fight against different elements, from virtual to physical, especially in the face of tough competition. One thing that can be debilitating, however, is a transaction that limits cash flow. Regardless of the circumstances, when cash flow is limited, there can be very serious financial consequences.

One of the very common ways that cash flow can be compromised in any type of business is when account receivables are not paid on time, if, at all, they are paid. Account payables are sums of money that clients owe the business after availing of products or services without having paid the cost. There are businessmen who let customers make purchases what without outright cash payment. This payment is simply promised through a check, a credit card or some kind of contract. This has been a practice in many industries for the longest time, and while it works for some businesses, it doesn't for others.

So what makes one business stay in control with their account payables while the other gets into trouble? There is no standard or hard and fast approach to this, but one thing is sure - the way an accounts receivable department is managed makes all the difference. The issues can be different, depending on the nature of the business. Hence, it takes a lot of know-how and experience for an accounts receivable manager to be able to collect payments before the business cash flow starts to suffer.

There days, managing account payables has also become way easier than how they did it in the past. Back then, what these people had were piles upon piles receipts, invoices and other documents which they handled manually. Just imagine the time it would take to clear an invoice, beginning with the documentation itself. However, present technologies have made this task more convenient and efficient. With the right software, the tasks of managing account receivable can now be done with a lot less room for error and faster. When managing account payables, time element is crucial because this determines just how bad the effect will be when an account stays unpaid. The longer it stays unpaid, the more limits cash flow and the more damaging the domino effect could be.

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Tips for an Effective Email Campaign

A lot of businesses rely on email campaigns to bring in customers. It reaches a lot of potential clients and is relatively cheap compared to other marketing schemes. However, the sad truth is that most email campaigns are flops. The mail that you send out either ends up as SPAM or deleted. If you really want to bring in customers you have to make sure that you have something effective.

Quality is King
In the world of internet marketing you will always hear this - quality content is king. It is true. If you want people to read what you have to say, then you have to make sense. People will not spend time on something that is full of fluff or just blatant marketing. You have to give them a reason to read your emails and one way of making this happen is by ensuring you have quality content. By investing time in creating something worth reading you can also avoid being marked as spam.

Keep it Short
Long subject lines are a formula for disaster. Whenever you create an email you want to keep the subject line short. You do not want to tell the reader everything in the email. What you want is to create something catchy and simple that will make them want to read what is inside.

Make them Click
The main purpose of your email campaign is to drive customers to your website and/or make them click on a particular link. There are a lot of ways that you can do this. One thing that you DO NOT want to do is go with the old "Click Here" line. Anyone who's received an email with these lines knows NOT to click it and it is always considered as SPAM by many filters. It is better to use a hyper text to draw the attention to the link or Website or use plain text for a link. Subtle suggestions work better than straightforward commands.

Design It
These days a boring old email full of words is not very appealing. Spice up your email campaign by adding images or graphic designs to it. Something that is appealing visually is more likely to be read. There are a lot of design businesses available that can help you achieve this.

Armon Rostami is a recognised expert in the field of design and brand management. He has over seven years commercial experience in this area.


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